Opinions on property prices

pacman1989

K im just trying to get a general feel on what people think will happen to property prices over the next few years. Im mainly looking at the cork market. Will there be much of a rise in prices within the next year or two or have they stabilised?City prices vs suburbs etc. I understand the threat of NAMA properties being released could have an effect but if this doesnt happen. Thanks all

sawdoubters

I think flooding will hit some prices
houses above flood zones will go up

some flood houses will be unsaleable,no one will loan on them

pacman1989

sawdoubters wrote: »

I think flooding will hit some prices
houses above flood zones will go up

some flood houses will be unsaleable,no one will loan on them

What areas in cork would you say would be flood zones I know Lower Douglas and city centre but there not too many more around suburbs are there

ArraMusha

IMO we're in for 5-7 years of scratching along the bottom...like a dog draggin himself in grass.

pacman1989

ArraMusha wrote: »

IMO we're in for 5-7 years of scratching along the bottom...like a dog draggin himself in grass.

I hope your right . I'm currently in the process of buying and would hate for the prices to drop further after purchasing . Would also hate to wait and prices to start going up . A 5% increase I could deal with but much higher and ea will start having a field day with bubble talk

marathonic

pacman1989 wrote: »

I'm currently in the process of buying and would hate for the prices to drop further after purchasing . Would also hate to wait and prices to start going up .

So in other words, unless you get the timing of the bottom absolutely perfect, you're going to be annoyed?

What does it matter if prices drop after purchasing? You should be more worried about rates rising than property prices falling because that's what will take money out of your pocket every month.

pacman1989

marathonic wrote: »

So in other words, unless you get the timing of the bottom absolutely perfect, you're going to be annoyed?

What does it matter if prices drop after purchasing? You should be more worried about rates rising than property prices falling because that's what will take money out of your pocket every month.

Well its the same principal for both . If they drop I would also see it as money I could have saved by waiting

CZ 453

Looking in Cork also and some of the properties we looked at went up in bidding as much as 10% more than the asking price.

pacman1989

shezer wrote: »

Looking in Cork also and some of the properties we looked at went up in bidding as much as 10% more than the asking price.

I have also noticed this as estate agents are under valuing properties in the hope of getting a bidding war going . Then again there are an awful lot of properties that are extremely overpriced when compared to property price register.

Johnnyhpipe

I'm currently in the process of buying and here's my thoughts:

1. The price i'm paying is not the lowest it has been in recent times. I'm paying 20k more than its lowest..which was only 4 months ago..but i'm still happy for now as it's a place we like and could happily stay for life.

2. Estate agents/developers are seeing signs of improvement around, as are many others (finally!), however the EA's are prematurely pushing their luck.

3. Prices will continue to rise this year due to the serious housing shortage, and people will continue to buy at inflated prices out of necessity despite the fact that salaries will not rise to match.

4. HOWEVER, I can see the banks putting up with these insane price increases for another 6-8 months until they finally scratch their heads and say "hang on..these houses aren't worth the money and we're not taking the risk AGAIN!". So ultimately I foresee prices dropping by the end of the year. There will still be high demand but the banks won't give out nonsense mortgages. By then I think a number of new developments will have commenced and this will level off the supply vs demand problem within 2 years.

That said, if you want to buy now and can afford to get the place you're happy with at this time, then go for it! It's never 'the right time to buy'.

(Looking forward to reading my post again next christmas and eating my hat!).

Bepolite

Stare into this:

Idbatterim

IMO we're in for 5-7 years of scratching along the bottom...like a dog draggin himself in grass.

anywhere part of the country or Ireland in general? Op I cant answer on Cork, I just dont know it well enough to comment. One thing I would say is, if you have the funds now, are comfortable even with a rise in interest rates of several percent, then once its a property you are happy with, I personally would take the leap now if it were a property I was happy with. Its just a mind f**k trying to second guess everything, internal factors, external factors, you would expect prices to go up for this reason, but hang on, they could fall for this reason... I nearly think the property price rises and recent massive falls are nearly a self fulfilling prophecy, they start to go up, people panic, asking prices increase, nervous buyers "dont want to miss the boat" again, start bidding against each other and driving up prices, back to square one with most decent properties, that if I dont pay X, someone else will. Then its POSSIBLE, that in a few years prices rise to an unsustainable level, people panic, banks panic and tighten up lending criteria, prices drop, once prices start dropping, nobody buys, why would you when you can save thousands per month. Everyone is waiting for the bottom, the thing is, it isnt obvious where the "bottom" is until months, maybe years after prices in that area for that particular property type have hit the bottom... The logic was, wait until the bottom, even if prices rise a little, you can rest assured in the knowledge that you got in at nearly the optimal time, problem is for a lot of people and I'm referring to SOCODU here only as I dont know other places well enough to comment, the prices didnt just edge up slowly, they appear to have taken serious hikes...

ArraMusha

Idbatterim wrote: »

Its just a mind f**k trying to second guess everything, internal factors, external factors, you would expect prices to go up for this reason, but hang on, they could fall for this reason... I nearly think the property price rises and recent massive falls are nearly a self fulfilling prophecy, ...

Some items below that other contributors have posted in other forums in the past.
I know some are well repeated and from a buyers point of view...but no harm to refresh/re-hash.

-A property is only worth what someone is willing to pay for it.
-Don't get emotionally attached to any property. Set a limit and walk away.
- Estate Agents are the enemy, working for the seller, whispering lies down the phone in a convincing manner to get more of your hard earned.
- Phantom bidders ! They are used. Enough said.:cool:
- The banks and NAMA still have plenty reprocessed properties, drip feeding.
- There are always new properties coming on the market.
- Its in most peoples interest that prices don't sway significantly down or up. Steady as she goes...

Idbatterim

-A property is only worth what someone is willing to pay for it.
-Don't get emotionally attached to any property. Set a limit and walk away.
- Estate Agents are the enemy, working for the seller, whispering lies down the phone in a convincing manner to get more of your hard earned.
- Phantom bidders ! They are used. Enough said.
- The banks and NAMA still have plenty reprocessed properties, drip feeding.
- There are always new properties coming on the market.
- Its in most peoples interest that prices don't sway significantly down or up. Steady as she goes...

Absolutely, this is also true however.

1. Irish are property obsessed
2. Irish are obsessed with owning their own property

Victor

pacman1989 wrote: »

If they drop I would also see it as money I could have saved by waiting

As someone has said, you will need a crystal ball to know.

Property prices are down an average of 50% from the peak. They can go lower, but realistically, they are are unlikely to drop hugely - short of another major crisis.

They might go up, but the economy has been bouncing along the bottom for a while, so radical upswings are unlikely.

ArraMusha

Idbatterim wrote: »

Absolutely, this is also true however.

1. Irish are property obsessed
2. Irish are obsessed with owning their own property

Ya, but no longer at any price. Everyone wants value now...and rightly so.
Not many of those badly stung with property in recent years would agree with 1&2.above.

If only we had a californian climate...we could all sleep.in tents....would be a mighty country.